When is the other shoe going to drop?

I've been watching the real estate market in my local area.
Granted that the foreclosures have fallen off recently is mostly due to the paper pusher mistakes and have been put on hold.

But, alarmingly there seems to be more than a few businesses closing, and whole strip malls being vacated and a sign being put up 'Bank Owned'

Holy crap, I wonder how many commercial properties are teetering on the brink foreclosure.
I wonder how long before the commercial property shoe drops. I'm pretty sure that this market is leveraged way beyond what the residential market is.